SOLUTION: A loan company charges $10 interest for a one month loan of $250. Find the annual interest rate they are charging (Do not type the % sign).
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Question 1153020: A loan company charges $10 interest for a one month loan of $250. Find the annual interest rate they are charging (Do not type the % sign).
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
A loan company charges $10 interest for a one month loan of $250. Find the annual interest rate they are charging,
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10/250 = 0.04 = 4% per month.
4*12 = 48% per year.
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